Admiral Markets Review 2023: Pros, Cons and How to Start Trading
Brokerages are our gateway into the world of investments. They provide you access to various tools and instruments that allow investors like you to grow your wealth by investing in various asset classes that will hopefully increase in value over time.
If you are new to investing, you may not be aware of the fact that not all brokerages are created equal. Some brokerages are cheaper than its competitors, others offer access to a more comprehensive range of assets, and some may even provide more specialist services for investors looking to trade or invest within a specific asset class. As such, being able to determine which brokerage is the right one for you is the first task every investor must contend with.
In this Admiral Markets review, we will examine the strengths and weaknesses of the Admiral brokerage service in an effort to determine whether this brokerage is the right one for you. If you are interested in beginning your investing journey, or are simply curious about a new brokerage account, read on!
What is Admiral Markets?
Founded in early 2001, Admiral Markets is a forex and CFD-focused brokerage serving customers across the globe. As a result of its global reach, Admiral Markets is regulated by various financial watchdogs all across the globe. These include multiple tier-one regulators such as the United Kingdom’s Financial Conduct Authority (FCA) and the Australian Securities and Exchange Commission (ASIC).
At the time of writing, Admiral Markets is in the process of a comprehensive revitalization programme designed to re-brand the service and enhance its global image. Now known as simply “Admirals”, it offers you unparalleled service in forex and CFD trading backed by over two decades of experience in the industry. If you’re interested in trading forex or making use of leveraged-based CFD products, Admirals may be the right brokerage for you!
Education - A well-rounded education in trading is the hallmark of every successful trader. Being well aware of this, Admirals spares no expense when it comes to the educational content it provides its users.
Comprehensive Offerings - As a specialised forex and CFD brokerage, Admirals is able to offer its users a wide range of products and assets to trade from. With almost 4000 CFDs and 8400 tradable symbols to choose from, it is likely Admirals will have what you’re looking for! This is especially positive for those traders who prefer to keep all of their positions within a single brokerage account.
Safety - The primary concern of every investor when selecting a brokerage account is whether or not their money is safe. Thankfully, as we will discuss in the section below, Admirals spares no expense when it comes to the safety and security of its customers. This means that you can reliably deposit your funds with Admirals in the knowledge that your money is completely secure in the event that anything goes wrong!
MT5 - Regrettably, the Admiral Prime account for MT5 offers its users considerably fewer tradable symbols. This is unfortunate as MT5 is a well-regarded trading software and especially popular among forex traders. If you are interested in trading forex using the MT5 platform on Admirals, we recommend ensuring that the assets you wish to trade will be available prior to signing up.
Cost - Although this is not an especially negative point in regards to the spreads that are charged, these spreads on Admirals commission-free trade account are in-line with the industry average. In a world where low-cost brokerages are becoming the norm, we hoped that Admirals would have offering more competitive spreads for new users.
Social Trading Feature - Many brokerages have chosen to implement a social trading feature on their platforms. Unfortunately, it would appear as though the social trading feature on the Admirals platform leaves a fair bit to be desired. When compared to established competitors like eToro, the social trading feature is disappointing at best.
Is Admiral Markets Safe?
When selecting your brokerage service, you should ensure that your brokerage is regulated by well-regarded regulated in stable and established jurisdictions. Thankfully, we are happy to report that Admiral Markets is regulated by some of the most well-regarded financial regulators in the world. As we noted above, we count the United Kingdom’s FCA and Australia’s ASIC among these regulators.
In compliance with Admirals regulatory obligations, all of its client funds are kept in segregated bank accounts. Doing this ensures that in the event of Admirals bankruptcy, all client cash deposits are totally secure. To guarantee this security, Admirals only deposits these funds with tier one banks that have verified their financial health.
The only negative comment that can be made about Admirals safety is that they are not publicly traded. As a result, they do not publish financial statements and are not subject to the same level of public scrutiny that publicly traded companies are.
Overall, with watchdogs of this caliber keeping a close eye on Admirals conduct and Admirals multi-decade long reputation for excellence, we consider this brokerage to be relatively low-risk and suitable for every level of investor.
Platform & Features
- MetaTrader - Admiral Markets has implemented the coveted MetaTrader platforms directly on its platform. For those of you who are unaware, MetaTrader is a popular online trading platform that allows you to automate your trading through the use of its intuitive user interface. While MetaTrader is used by a wide range of traders, forex traders are known to be particularly fond of trading on these platforms. At the time of writing, Admirals offers both MetaTrader 4 and 5 on desktop and mobile.
- CopyTrader - Copy trading features are becoming increasingly popular among brokerage platforms and Admirals is no exception. In short, the copy trading feature allows users to copy the trades of more experienced traders. This allows them to benefit from the wealth of experience that these veteran traders have gathered over the course of their trading careers. The feature is well suited for new traders who do not yet have the necessary knowledge or experience to effectively trade in the markets but wish to begin putting their capital to work. In order to gain access to this feature you will be required to answer some rudimentary questions. Once answered, you will be able to begin searching for traders to copy.
- Research & Tools - Users of the Admirals platform are in no shortage of educational resources. As we noted above, the platform provides various educational resources that are focused on investor education and development. Beyond this, Admiral Markets offers its customers a number of analytics tools such as Trading Central, Market Heat Maps, and Volatility Protection. For those of you who are unaware, the volatility protection feature allows users to mitigate the risk of unexpected volatility through a number of mechanics such as limiting losses on pending orders that fall into price gaps or limiting price slippage on market or stop-loss orders.
- Leverage - A key question asked by investors who are considering opening a new brokerage account is how much leverage do they offer? Currently, Admiral Markets offers its users up to 1:500 leverage. However, the specific amount of leverage you will be offered will be dependent on a number of different factors including; the asset you are trading, your level of trading experience, the jurisdiction that you are trading from, and the type of account you have opened. For example, if you are trading from within the European Union, EU law would severely diminish the amount of leverage you would be given access to, regardless of your level of experience. It should also be noted that Admirals offers its users access to leverage-based instruments known as CFDs. We strongly recommend that you exercise caution when implementing the use of leverage in your trading.
- Account Types - Admiral Markets offer a range of different account types to ensure that it caters for the needs of each one of its users. Currently, it offers six different account types. You will find these account types listed below.
- Demo Account;
- Mini Account;
- ECN Account;
- Micro Account;
- Standard Account;
- STP Account.
You will be able to find more information regarding the specifics of these accounts on the Admiral Markets website.
Fees & Commissions
Many new investors often overlook the fact that fees and commissions can have a significantly detrimental impact on your overall return. The truth is that fees and commissions can take such a toll on your overall return that many of you could lose years of returns over your investing lifetime if you were to open a brokerage account with high fees and commissions. As such, it is vital for us to examine Admirals’ fee and commission structure. Let’s take a look at that now!
Admiral Markets imposes a spread of 0-0.5 pips on its currency trading. The specific amount you will be charged is dependent on the currency pair you select.
Admiral Markets does charge a fee for use of its CFD products. However, the specific fee is dependent on the CFD product you select and so we are unable to provide you with an exact figure at this time.
Other Fees & Commissions
Minimum Deposit: a minimum deposit of 25 of your chosen currency is required by Admiral Markets.
Withdrawal Fees: 0
Inactivity Fees: 0
What Can You Trade on Admiral Markets?
As we noted at the start of this Admiral Markets review, this brokerage specialises in forex and CFD trading. In total, Admirals has 148 instruments available to trade. This consists of 40 currency pairs ranging from major to exotic parings and CFDs on metals, energies, indices, bonds, and shares from the UK, US, Germany, and Japan.
You can find more information on Admiral Markets’ full range of products here: https://admiralmarkets.com/products
How to Open an Account?
If you are interested in opening an account with Admiral Markets, then the first thing you should do is head over to its website. Once you’re there, simply select the option to register an account to get started.
The registration process begins with a simple email verification which should take no longer than 5 minutes to complete. After this, you can see in the image above that Admirals will require you to complete a number of tasks in order to register your account. It will include verifying your identity, address, and answering some questions about your finances.
At this stage, you will only be required to select either an individual or legal account. Naturally, most readers will select the individual account.
As is the case with any reputable brokerage platform, Admirals will require you to provide them with some personal financial information regarding your income, assets, and the source of your funds. This information is required by Admirals in order to remain compliant with various anti-money laundering regulations.
After providing your financial information, you are almost finished! To complete your registration Admiral Markets will require you to provide proof of your identity and address. You can do this by providing them with a number of documents which include passports, ID cards, driving licenses, or utility bills.
That’s it! All that is left to do now is wait for your account to be registered. Admirals will review your application and the documents you have submitted after which you will be able to add funds to your account to begin trading. Generally, Admiral Markets will approve applications within 24 hours although this may take longer depending on your location and the documents you provided.
How to Trade Forex on Admiral Markets
So, you have just gotten your Admiral Markets account activated and want to place your first forex trade? Let’s take a look at how you can do just that!
First thing’s first, head on over to your dashboard. You can find the option for this on the left-hand side of your screen as shown in the image above. Once you are there, select “start trade”.
At this point, you will need to select the type of account you wish to open. In this
example, we will use the MT5 option with 1:500 leverage.
Now that you have created and funded a live account, you should have a trader station that looks similar to the image displayed above. You will notice two options to either buy or sell in the graph above. These two functions will allow you to enter either long or short positions on the currency pair of your choosing. If you wish to go long on this currency pair, you would simply enter a buy order. If you wished to go short, you would instead opt to open a sell order.
Naturally, every trade should employ basic risk management strategies when entering any positions. To set your stop-loss and take-profit orders, double click on the currency pair you are trading and you should be presented with a trade window. This trade window will provide you with the option to enter your stop-loss and take-profit orders. At this point, you simply select the currency pair you wish to trade from the menu on the left, enter your details and that’s it! You are now ready to enter your first trade on Admiral Markets!
Admiral Markets Customer Support
Admirals offers its clients multiple options for accessing customer support. Customers can choose from either online chat support through a live chat function, emails, phone calls, or contact forms.
In the event that you are in need of support, you can find your country-specific details on the Admirals website here: https://admiralmarkets.com/about-us/contact-us?country=UK.
Admirals offers its customers support in a wide range of languages ensuring that customers across the globe get the help they need. Overall, customers have found the Admiral Markets customer service team to be helpful; they have a reputation for providing clients with prompt responses to any problems they might have.
Although we think that Admiral Markets provide its users with a brilliant trading experience, we do not believe this brokerage account is suitable for everyone. Due to its limited range of tradable assets, we do not recommend this brokerage for long-term investors that are looking to hold assets over long time horizons.
However, if you are a new or experienced trader who is on the hunt for a brokerage platform that specializes in forex or CFD trading, we think Admirals may be the brokerage for you.
If you are ready to sign up to Admiral Markets today, check out our link here! If you found this Admiral Markets review to be helpful and want to read more information on the best brokerages out there, check out our comparison page in the link below!
81%of retail investor accounts lose money when trading CFDs with this provider.